FINRA found that Brian Lewis Pittman participated in private securities transactions by making sales of oil and gas limited partnership interests that were not approved by his member firm, Westport Resources Investment Services, Inc.
FINRA found that between April 2011 and June 2011, Pittman participated in private securities transactions by referring customers with Westport accounts to invest in limited partnership interest in the Permian Advanced Oil Recovery Investment Fund 1 LP (“Permian”), which was being offered by Quest. The Permian limited partnership interests are a security. Specifically, Pittman referred two customers with Westport accounts to Quest. In total, these customers invested $375,000 in the Permian offering. Pittman also participated in the transactions by assisting the customers with processing the requisite paperwork to effect the transactions. In connection with these transactions, Pittman received compensation from Quest of approximately $45,000.
Pittman’s failure to obtain approval of his participation in such transactions has resulted in an assessed fine of $7,500 and suspension from any FINRA member firm for four months. According to FINRA Broker Check (CRD # 2963196), the suspension is in effect from December 15, 2014, through April 14, 2015.
Brian Lewis Pittman has previously been registered with the following member firm(s):
SABADELL SECURITIES USA, INC.
10/2012 – 02/2014
WESTPORT RESOURCES INVESTMENT SERVICES, INC.
02/2010 – 10/2012
10/2007 – 02/2010
JVB FINANCIAL GROUP, LLC
BOCA RATON, FL
08/2007 – 10/2007
PINNACLE BROKERAGE SERVICE, INC.
07/2007 – 08/2007
SUNTRUST INVESTMENT SERVICES, INC.
03/2006 – 07/2007
CITIGROUP GLOBAL MARKETS INC.
NEW YORK, NY
11/2003 – 02/2006
ROBERT W. BAIRD & CO. INCORPORATED
12/1997 – 11/2001
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